Question

VII. Adjusting Entries (17 points) The following is an unadjusted trial balance for Han's Music, a sole proprietorship specializing in band instruments and saxophone lessons: Han's Music Unadjusted Trial Balance 31-Dec-2020 Cash 12,780 Office Supplies 24,840 Accounts Receivable Notes Receivable Prepaid Insurance 850 2,800 Band Equipment 13,920 Accounts payable Notes Payable Accumulated Depreciation-Equipment 6,000 2,680 1,820 Unearned revenues 12,000 Han Dai, Capital 3,860 Sales Revenues 25,480 57,800 Salaries Expense 33,000 Utilities Expense 1,750 Rent Expense 7,700 103,640 103,640 Prepare the adjusting entries necessary as indicated in the questions 1-9 below. Space has been provided for each entry. Clearly label your debits and credits. Explanations for the journal entries are not required. Any mathematical computations must be clearly shown to receive full credit. All adjusting entries should be made as of 12/31/20. 1. The ending balance in the company's Office Supplies is $220. DATE ACCOUNT DEBIT CREDIT 2. The Prepaid Insurance account is for a 14-month policy that was purchased on July 1st of this year, and no adjusting entries have been recorded to date. DATE ACCOUNT DEBIT CREDIT 3. Depreciation on band equipment is based on a 4 year estimated useful life, with no salvage value. Depreciation for 2020 is $600, but it has not been recorded. DATE ACCOUNT DEBIT CREDIT

          VII. Adjusting Entries (17 points)
The following is an unadjusted trial balance for Han's Music, a sole proprietorship specializing in band
instruments and saxophone lessons:
Han's Music
Unadjusted Trial Balance
31-Dec-2020
Cash
12,780
Office Supplies
24,840
Accounts Receivable
Notes Receivable
Prepaid Insurance
850
2,800
Band Equipment
13,920
Accounts payable
Notes Payable
Accumulated Depreciation-Equipment
6,000
2,680
1,820
Unearned revenues
12,000
Han Dai, Capital
3,860
Sales Revenues
25,480
57,800
Salaries Expense
33,000
Utilities Expense
1,750
Rent Expense
7,700
103,640
103,640
Prepare the adjusting entries necessary as indicated in the questions 1-9 below. Space has been provided for
each entry. Clearly label your debits and credits. Explanations for the journal entries are not required. Any
mathematical computations must be clearly shown to receive full credit. All adjusting entries should be made
as of 12/31/20.
1. The ending balance in the company's Office Supplies is $220.
DATE
ACCOUNT
DEBIT
CREDIT
2. The Prepaid Insurance account is for a 14-month policy that was purchased on July 1st of this year, and
no adjusting entries have been recorded to date.
DATE
ACCOUNT
DEBIT
CREDIT
3. Depreciation on band equipment is based on a 4 year estimated useful life, with no salvage value.
Depreciation for 2020 is $600, but it has not been recorded.
DATE
ACCOUNT
DEBIT
CREDIT

VII. Adjusting Entries (17 points)
The following is an unadjusted trial balance for Han's Music, a sole proprietorship specializing in band
instruments and saxophone lessons:
Han's Music
Unadjusted Trial Balance
31-Dec-2020
Cash
12,780
Office Supplies
24,840
Accounts Receivable
Notes Receivable
Prepaid Insurance
850
2,800
Band Equipment
13,920
Accounts payable
Notes Payable
Accumulated Depreciation-Equipment
6,000
2,680
1,820
Unearned revenues
12,000
Han Dai, Capital
3,860
Sales Revenues
25,480
57,800
Salaries Expense
33,000
Utilities Expense
1,750
Rent Expense
7,700
103,640
103,640
Prepare the adjusting entries necessary as indicated in the questions 1-9 below. Space has been provided for
each entry. Clearly label your debits and credits. Explanations for the journal entries are not required. Any
mathematical computations must be clearly shown to receive full credit. All adjusting entries should be made
as of 12/31/20.
1. The ending balance in the company's Office Supplies is 220.
DATE
ACCOUNT
DEBIT
CREDIT
2. The Prepaid Insurance account is for a 14-month policy that was purchased on July 1st of this year, and
no adjusting entries have been recorded to date.
DATE
ACCOUNT
DEBIT
CREDIT
3. Depreciation on band equipment is based on a 4 year estimated useful life, with no salvage value.
Depreciation for 2020 is600, but it has not been recorded.
DATE
ACCOUNT
DEBIT
CREDIT

Added by Richard W.

Question

Please give Ace some feedback